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Search Results 0 to 49 of about 92 (some duplicates have been removed)
gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might not get it done before the midnight deadline tonight. the senate could vote in time, but it's possible the house will wait until tuesday. that means the u.s. could go over the fiscal cliff. on wall street today, investors bought up stocks on high hopes of deal, after president obama said this afternoon a deal is "in sight," and positive comments from republican leaders in the senate. here's how e major averagesr closed on this last trading day of 2012. the dow surged 166 points, the nasdaq jumped about 60, and the s&p rose almost 24 points. while wall street has already closed the books on 2012, washington still has a few hours to go before its new year's day fiscal cliff deadline. darren gersh has the latest. >> reporter: after a weekend of late-night negotiations with the vice presidt, senate republican leader mitch mcconnell said an agreement on the fiscal cliff was very, very close.
business is looking good for 2013, but going over the fiscal cliff could change that. >> tom: and the u.s. treasury speeds up plans to sell its stake in general motors. is the automaker ready to stand alone? >> susie: that and more tonight on "n.b.r."! >> tom: under the threat of a white house veto, the u.s. house of representatives is expected to vote tomorrow on the republican plan-b to avoid the fiscal cliff. house speaker john boehner thinks the house will okay the package, trying to turn the heat up on president obama to steer clear of automatic tax hikes and government spending cuts due to take affect in 12 days. still, as darren gersh reports, there are some signs the two sides are narrowing their differences. >> reporter: house republicans say they're still working on plan a: a big agreement with the president to cut spending and raise revenues, but they were pushing plan b today-- a tax hike for those making more than a million dollars. >> tomorrow the house will pass legislation to make permanent tax relief for nearly every american. 99.81% of the american people. then the presi
ground. >> susie: i'm susie gharb. the u.s. stock markeis expeed to be the world's best performer in 2013. that's the prediction of john rogers of the c.f.a. institute. he joins us tonight. >> tom: and new rules for health care also are around the corner. tonight, we look at how small businesses are preparing for the changes. >> susie: that and more tonight on nbr! >> tom: there's no deal, but the two sides are still talking. house speaker john boehner and president obama met earlier this evening at the white house in an effort to move forward the stalled fiscal cliff talks. there are now just 18 days before the tax hikes and spending cuts thatake up the clf take efft, and today, there were few signs of progress. as darren gersh reports, the tone of the talks, if anything, is getting worse. >> reporter: house democratic leader nancy pelosi may just have a second career as a stock analyst. her commentary on the markets today was dead on. >> so far, they trust that we would not be so stupid as to go over a cliff. >> reporter: but pelosi made clear what everyone knows-- time is running out t
limit battles to be an irresponsible use of congressional power. >> i will not negotiate around the debt ceiling. we are not going to play the same game that we played in 2011, which was hugely destructive. hurt our economy. provided more uncertainty to the business community than anything else that happened. >> reporter: the house will vote on the republican plan b tomorrow. veterans of washington's budget battles wouldn't be surprised to see a plan c or d before a final resolution is hammered out. darren gersh, "n.b.r.," washington. >> susie: the threat of the fiscal cliff was a big topic at an investor conference in new york today hosted by johnson controls. this wisconsin-based industrial conglomerate is a leading provider of products to make buildings energy efficient, and it's also the world's largest maker of car batteries and automotive seats. c.e.o. stephen roell told me he's worried that uncertainty about the fiscal cliff could hurt consumer confidence, and his business. >> we don't do that. as the consumer, i products to costumers like the big three, that in turn sell to the
are springing back into action. and, if you used your smartphone to shop this christmas, you're in fashion. it was the year's top retail trend. we have that and more tonight on "n.b.r."! a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry reid predicted the economy would go over the cliff. speaking from the senate floor he said there's not enough time between now and the end of the year to reach a deal. but stocks erased their losses ithe final hour of trading on news that the house of representatives will reconvene on sunday night to resume talks. by the closing bell, the dow was down only 18 points, bouncing back from a triple digit loss, the nasdaq lost four, and the s&p slipped almost two points. so what happens next? and can lawmakers prevent an economic crisis by agreeing on a fiscal cliff deal? darren gersh reports. >> reporter: here is a measure of how bad things are now in washington. markets rallied on news the house will come back to work on sunday, even though there is no solution
the embargo's lifted. thomas herzfeld, of thomas herzfled advisors joins us. that and more tonight on "n.b.r."! president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors lost hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled 158 points, the nasdaq lost 25, and the s&p fell over 15 points. here's darren gersh with more on the critical work that has to get done in washington this weekend. >> port: thpresident declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch
in the next couple of days or the very beginning of next week for us to have engineered our way to a solution. >> reporter: the fiscal cliff is really a negotiation between two men, and one of them today was not sounding very happy. house speaker john boehner brought out the charts to make his case. >> here we are at the eleventh hour, and the president still isn't serious about dealing with this issue right here. it's this issue-- spending. >> reporter: the president left his spokesman to respond that republicans were pushing a plan of fantasy economics that raised more revenues while also cutting taxes on the wealthy. >> what spending cuts have the republicans put forward? the proposal that we've seen is a two-page letter, and the much- discussed second proposal is less than half a page. there is no specificity behind what the republicans have put forward. >> reporter: right now, the risk is rising that we will avoid the fiscal cliff, but end up with what some call a worst case outcome. >> we get some sort of hoaky deal that's put together with gimmicks and baseline adjustments and all that
to send us something. he couldn't even pass it among the republicans it was so absurd. he meaning the speaker. so it's very clear now mr. president that the speaker's number one goal is to get elected speaker on january 3. >> reporter: january 3 is the deadline for the new congress to start work. if a fiscal cliff fix isn't passed by then, the start of a new congress will likely delay matters even more. which is why the focus now is on reaching a nano-deal. >> the minimal that they can put together to avoid the fiscal cliff which will have sadly almost no impact on the long- term debt trajectory, but right now, neither markets nor the congress care about that. >> reporter: congress has never been terrific at long-range planning, but now the definition of long range seems to be 48 hours. >> you don't hear people talking, well a year from now, we really need to be here. you hear, well we need to do that this week. we need to do that day after tomorrow. this short-time frame horizon is new and i think people who think we are going to have tax reform and entitlement reform next year a
." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply managemens purchasing magers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back into contraction. the november statistic is the lowest since july 2009. the dow fell 60, the nasdaq down eight, the s&p 500 lost six. >> susie: jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. he's managing director and chief investment strategist at raymond james. so jeff, not only are you bullish but you're also calling for a pretty decent santa claus rally. tell us why? >> well, i have learned over the 42 years in this business, susie, that it's pretty tough to put stocks to the downside in the ebullient month of december. i mean it's happened but it's a pretty rare event it just seems to be the holiday sentiment tend to its lift stocks. i think that is what will happen this kror because i'm not one that thinks we'll fall totally off the cliff. >> tell us more. you think there is going to be some kind
. they are worried about a bad deal. any deal that gets us past the fiscal cliff is going to be seen as a good deal. >> susie: it seems like we are further apart than last week when president obama gave the last minute pep talk to get the talks going. do we have to reach some point of pain in washington, d.c. that people get mos motivated to geta deal. how does it work in washington? >> i wish i knew.it seems that n ratcratcheting up the pain. i was surprised. i thought enough after the election would be sorted out and the fiscal cliff would be a painful enough deadline they would come together. but it seems like the pain will come when we get to the dead cliff where they must absolutely deal with. it's one area where they must focus attention and create another deadline where they have to do something and potentially a larger agreement. >> susie: real quickly this has been frustrating from everybody from wall street to ceo to average american taxpayers. even the president saw that playing out. how do you seep see this playing out. will we have a deal on monday. >> it'we haven't heard them tal. but
that they ordinarily would have. >> reporter: friday, the government will report it's monthly snapshot of the u.s. labor market. it, too, is likely to reflect temporary effects related to the aftermath of hurricane sandy. >> we're looking for only a 50,000 gain in jobs in november, well under that 170,000 average we've seen over the past three months. >> reporter: hurricane sandy's effects on hiring may be short- lived, but experts worry fiscal cliff concerns could result in a new storm brewing for workers looking to land a job in the coming weeks. suzanne pratt, "n.b.r.," new york. >> tom: citi and the financials lead the way higher on wall street, helping the dow top 13,000 again. but a big drop in apple shares kept the nasdaq from gains. by the closing bell, the dow was up 82 points, the nasdaq down 23, the s&p added two points. >> susie: investors were also encouraged by news that american workers were very productive this past summer, and that's good news for company profits. productivity increased at its fastest pace in two years, at an annual rate of 2.9% from july through september. that
debate hits the floor of the u.s. house but not much progress is made. warren buffett and others tell lawmakers to look for more money from the estate tax. >> susie: i'm susie gharib. could another major bond-buying program be on the way? what we could hear tomorrow as federal reserve policymakers wrap up their two-day meeting. >> tom: ever wonder what goes into making those cardboard store displays? tonight, we look at how one box company is using them to reinvent itself. >> susie: that and more tonight on nbr! >> tom: an agreement to ease the fiscal cliff may not be wrapped up and waiting under your tree for christmas. senate majority leader harry reid said today it would be hard to get an agreement finished by the holiday, blaming the delay on republicans. not surprisingly, republicans say the president hasn't gotten serious about the talks. plenty of outside groups are offering up suggestions. and as darren gersh reports, they include warren buffett and some other big names in finance. >> reporter: there was some public movement in the fiscal cliff standoff today. instead of holdi
. in fact, it looks like u.s. consumers are doing what they do best in mid-decmber: procrastinating. how are you doing on your holiday shopping? >> pretty poorly to be honest with you. my wife typically takes care of most of it. last year, i was definitely ahead of the game. i'm probably 75% to 80% done. fantastic. haven't started yet. hoping to get a jump start on it this trip. >> reporter: retail expert mike niemira says only half of americans polled recently have finished their holiday shopping. >> the consumer is behind on their completion. that means we rely much more on the next few days for it to pick up dramatically. >> reporter: because of all the fiscal cliff doom and gloom, retailers are worried. and perhaps they should be. after all americans think their personal finances will take a hit next year. and that might mean fewer gifts under the tree. >> we believe that the post black friday lull that we've seen in the last three weeks that consumers are spending at a very restrained rate simply because they don't have the money and there's a little bit of a fear factor out there.
will be waiting to see whether the central bank will do more to prop up the u.s. economy. the big question is whether the fed will stick with its so- called "operation twist" bond- buying program, or will it announce something new? erika miller takes a closer look at what's expected. >> reporter: the fed may announce a new twist in its bond buying plans, but that doesn't necessarily mean the stock market will shout. at it's final meeting of the year, the central bank is not expected to simply extend its operation twist program. that's the nickname for the fed's strategy of buying long- term treasuries and, at the same time, selling an equal amount of shorter-dated bonds. that's important because it keeps the bank's balance sheet the same size. now, the fed may be ready to do a new stimulus dance. >> under twist, they've been purchasing $45 billion longer term treasuries while at the same time selling $45 billion short term. they've pretty much run out of short-term stuff to sell, so i think they'll be continuing to purchase the long term, but purchasing outright, expanding their balance sh
-erian will join us. >> susie: and the legal marijuana business-- two states okaying it for recreational use. we talk with one company profiting from medical marijuana products. >> tom: that and more tonight on "n.b.r." >> susie: an historic move today by the federal reserve. fed chairman ben bernanke and other policy makers said they will keep their key interest rate near zero until the unemployment rate falls below 6.5% or inflation rises to 2.5%. now, this is the first time the fed has set a clear economic target for how long interest rates will stay at record lows. the surprise decision means the central bank will continue stimuting the economy by buying bonds. darren gersh explains the dramatic move. >> reporter: ben bernanke and his colleagues will no longer mark a date on the calendar for when they expect to begin raising interest rates. from now on, they'll make that call based on a target for the unemployment rate and inflation. >> it'll act to some extent as an automatic stabilizer. so if the outlook worsens and that leads markets to think that the increase in rates is further out in t
live. small businesses that create two out of every three new jobs in the u.s. tonight you're going to meet some of the people behind those businesses and find out how they plan to keep building those businesses. we begin with the housing market, ground zero for the recession. from construction to appliance makers, when it collapsed it took a lot of very good companies down with it. but here's one that has managed to learn how to paint over the rough spots. you can brush it on, you can roll it on, you can get it on your pants. paint. the kelly moore plant in san carlos, california, turns out nearly 40,000 gallons a day. it's one of the largest employee-owned paint operations in the u.s. part of a $13 billion industry domestically. 140 workers in the 15 acre san carlos facility, 1,500 world wide, including 150 retail outlets in seven states. >> we own currently 58% of the stock and the rest of the stock is owned by the moore family. >> mike: you like white? they got it. you like -- they got that, too. >> still seeing a lot of reds. that teal is slipping into it. teal and turquoise. g
nearly 40,000 gallons a day. it's one of the largest employee-owned paint operations in the u.s. part of a $13 billion industry domestically. 140 workers in the 15 acre san carlos facility, 1,500 world wide, including 150 retail outlets in seven states. >> we own currently 58% of the stock and the rest of the stock is owned by the moore family. >> mike: you like white? they got it. you like -- they got that, too. >> still seeing a lot of reds. that teal is slipping into it. teal and turquoise. green still kind of there still. yellows, yellow influence, neutrals are still there. but the teals and the reds and oranges. oranges are just really popular right now, too. >> i started off with. >> mike: steve devoe is chairman and c.e.o. of the 66-year-old company. he does not paint a pretty picture of what they and every other paint manufacturer has been through over the last couple years. what he does do is point out why kelly moore fared better than most. first, history. they have it. started in 1946 by bill kelly and william e. moore, the goal was simple: make a quality paint that profess
there is a bond bubble? >> we believe it depends on which bonds you're talking about. let me be specific. u.s. treasuries, if you're talking about the long maturities, 15, 20, 30 years, i would say be careful. in most scenarios, those come under pressure. if you're talking about the shorter maturities, we think there remains value. not as much as they used to be, but there is still some value. 10 years and in, it is safer. 10 years and beyond is dangerous. if you're going to other bonds, it depends on quality. investors need to focus on companies that are sovereign, with very strong balance sheets, explosive growths and positive cashflows, because you're going to need all three things to navigate this small, complex environment. >> susie: let me ask you real quickly before we leave here about the fiscal cliff because ben bernanke talked a lot about that today. we discussing that with darren about all of the risks. there is a lot of back and forthwith lawmakers in the white house. what is the best possible outcome you're expecting and hoping for? >> so it is different things. so what we hope f
since the start of the financial crisis, the health of the overall u.s. economy has become the biggest concern for state economies. with state budgets already constrained, deeper cuts from the federal government could leave them in a pickle. after all, unlike the federal government, states are required to balance their budgets every year. ruben ramirez, nbr, washington. >> susie: still ahead, there's more to holiday spending than electronics and apparel. we'll look at one holiday decorating business. >> susie: 'tis the season for procrastinators. 17 million americans were expected to hit the malls today. and the good news for merchants: many of them were simply crossing off names on their list, not bargain shopping. as erika miller reports, retailers hope they'll turn a ho-hum christmas into a merry one. >> reporter: the success of the holiday season for retailers depends on procrastinators, and also on families like the greers picking up a few extra gifts before the big day. >> we are looking for stationery, for frames. >> reporter: and that also means more gift wrap. >> we want gifts
. and housing continues to be the bright spot in the u.s. economy: home prices post their biggest advance in two years. that and more tonight on "n.b.r."! christmas may be over, but the holiday shopping season continues. many consumers hit the malls today to return gifts and buy what they really wanted. and this is the time many gift cards get redeemed. but for retailers, holiday sales so far have been a flop. sales in the two months leading up to christmas, rose just 0.7%, according to mastercard advisors that tracks the numbers. that's way below what the retail industry was predicting. erika miller spoke with retail expert dana telsey and began by asking what happened. >> i think there were a confluence of events, extra long season. hurricane sandy. tragedy in ct. >> none of the events out there were feel good factor events. it was all for consumer morale. >> when you look at the weakness this holiday season, how much of the blame do you put on retailers for not having inspiring merchandise and how much of it are just factors beyond their control like the economy and the fiscal cliff? >> i thi
more confidence in coming back to the malls and that will help us for easter, the march-april time period. >> dana telsey attach e. thank you very much >> susie: on wall street, a gloomy start to post-christmas trading. stocks fell on those disappointing retail numbers, and more worries about getting a fiscal cliff deal in time. we'll have more on that in a moment. the dow fell almost 25 points, the nasdaq lost 22, and the s&p off six points. but more good news about housing today: home prices posted their best year-over-year growth since 2010. the closely watched s&p case- schiller index rose 4.3%, in october, beating expectations. looking at month over month performance, the 20 city index fell 0.1% from september to october. still, s&p is optimistic about housing activity in the new year. >> 2013 should be a good year for housing, we're going into the year with a whole lot of momentum, we've seen very strong housing starts, very strong construction in 2012 but even with that strength construction is still way below where it should be and we have a lot of lost ground to make up. >
Search Results 0 to 49 of about 92 (some duplicates have been removed)